KARACHI: More counterfeit Rs. 1000 notes than any other denomination are in circulation, according to information released by the State Bank of Pakistan.
According to SBP’s Director of Finance Qadir Bakhsh, 20,000 counterfeit banknotes have been discovered in the nation over the previous two years.
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Bakhsh did, however, add that there had been no reports of phony Rs. 1000 notes in the previous year.
The director also disclosed that users nationwide had complained about getting counterfeit notes from ATMs. He further stated that the bank would be fined the full amount of the note if a fake note was discovered.
Additionally, he stated that banks are required to retain secure ATM CCTV footage for ninety days.
When asked to determine whether a Rs5,000 note was genuine or fraudulent in a Senate Committee meeting in December, the deputy governor of the State Bank of Pakistan looked shocked.
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As a result, the Bank published a video outlining the distinctive qualities of the Rs. 5,000 note.
